CPPIB, Marubeni, APG, others eye Vertelo investment

Dutch pension fund APG, Japan's Marubeni Corp., Canada Pension Plan Investment Board (CPPIB) and the UAE's Mubadala Investment Co. are among other investors who have expressed interest in Macquarie Asset Management's Indian fleet electrification platform Vertelo, two people aware of the development said.

- Utpal Bhaskar

Macquarie Asset Management has appointed EY to find an investor for a $200 million equity fund raise, the people cited above said on the condition of anonymity. Vertelo works on reducing the upfront capital expenditure needed for the green mobility push; and provides electric vehicle (EV) fleet management services, charging infrastructure, leasing and financing and end of vehicle life management services in the country.

The Green Climate Fund, the world's largest climate fund is an anchor investor in Vertelo, with a commitment to invest $200 million. Vertelo has plans to invest $1.5 billion.

Macquarie Group, one of India's largest foreign infrastructure investors, has invested in the country's infrastructure space since 2008, ploughing $2.5 billion in equity capital into energy transition, infrastructure and digital communications.